NZD/USD Trades to 2014 Low; Testing Huge Trendline
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“NZDUSD has dropped into the open price for 2014. The vicinity is also marked by the 50% retracement of the advance from the 2013 low. The broader trend is lower as long as price is below .8514 but this is a good place for a bounce (resistance is .8350 and .8420).”
-Bounces have been hard to come by and NZDUSD is now at a new low for the year. The next important support isn’t until .7929. Exceeding .8170 would indicate that a countertrend move is finally underway.
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